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18 million USD Russian Project in Batumi has been Cancelled

October 19, 20161,328 Views

18 million USD Russian Project in Batumi has been cancelled. Multi-functional building construction on the miracles square was planned by Russian company “ Rusach”.

According to the head of Ministry of Finances and Economy Law Department, Gela Tsintsadze, the company did not manage to make arrangements with local population and give them enough living area. As a result, the Ministry of Finances and Economy did not allow the company to start the construction.

Gela Tsintsadze declared that they finalized a memorandum with “A new construction company in Georgia”. The founder of the company is “Rusach” and its capital amounted to 80% of the project.

The memorandum was signed in March, 2015. The project aimed to build a multi-functional 32 storied building and along with residential flats, it was supposed to have more than 100 rooms for hotel. They also intended to allocate café-bar, restaurants, swimming pool, conference hall and fitness club.